HI6007 Statistics for Business Decisions -Assignment

Student Name:
Partner(s) Name:
Course:
Professor Name:
Due Date:
HI6007 - Group Assignment

1
Task 1
1. Summary Statistics table:
Summary Statistics:
Starting Costs in $'000 Type of Business
X1 X2 X3 X4 X5
Mean 83 92.1 72.3 87 51.6
Median 80 87 70 97.5 49
Mode 35 - - 100 30
Standard Deviation 34.1 38.9 31.4 35.9 27.1
Sample Variance 1165.2 1512.7 983.8 1289.1 733.1
Range 105 120 90 115 90
Table Index
X1 = startup costs for pizza shops (in thousands of dollars)
X2 = startup costs for baker/donut shops (in thousands of dollars)
X3 = startup costs for shoe stores (in thousands of dollars)
X4 = startup costs for gift shops (in thousands of dollars)
X5 = startup costs for pet stores (in thousands of dollars)
2.
a) Following tables describe the frequency and relative frequency distributions for
different business types:
Variable X1: Pizza Shops
Starting Costs (in
$000)
Frequenc
y
Relative
Frequency
0 to 30 0 0
31 to 60 4 0.3077
61 to 90 4 0.3077
91 to 120 3 0.2308
121 to 150 2 0.1538
Total 13 1

2
Variable X2: Baker or Donuts Shops
Starting Costs (in
$000)
Frequenc
y
Relative
Frequency
0 to 30 0 0
31 to 60 3 0.2727
61 to 90 4 0.3636
91 to 120 2 0.1818
121 to 150 1 0.0909
151 to 180 1 0.0909
Total 11 1
Variable X3: Shoe Store
Starting Costs (in
$000)
Frequen
cy
Relative
Frequency
0 to 30 0 0
31 to 60 4 0.4
61 to 90 3 0.3
91 to 120 2 0.2
121 to 150 1 0.1
Total 10 1
Variable X4: Gift Shop
Starting Costs (in
$000)
Frequen
cy
Relative
Frequency
0 to 30 0 0
31 to 60 3 0.3
61 to 90 1 0.1
91 to 120 5 0.5
121 to 150 1 0.1
Total 10 1

3
Variable X5 Pet Store
Starting Costs (in
$000)
Frequen
cy
Relative
Frequency
0 to 30 6 0.375
31 to 60 5 0.3125
61 to 90 4 0.25
91 to 120 1 0.0625
121 to 150 0 0
Total 16 1
b) Following are the relative frequency histograms for different business types:
0 to 30 31 to 60 61 to 90 91 to 120 121 to 150
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.0000
0.3077 0.3077
0.2308
0.1538
Relative Frequency Histogram of Starting
Costs for Pizza Shops
Starting costs ($'000)
Relative Frequency